The new regulations set out the detailed requirements for the
establishment and distribution of UAE domestic funds, and formalises the
transfer of responsibility of regulatory supervision from the UAE
Central Bank to ESCA.

Each local fund is now required to appoint an investment manager, an
administrative services company, a custodian and an external auditor.
Apex is the first administrator in the region to receive a licence under
the new regulations.

Apex is in the unique position of being able to continue servicing
existing onshore UAE funds while now offering approved managers with
newly domiciled funds the same high levels of service from professional,
locally based teams with a strong understanding of the revised Abu Dhabi
regulatory system.

Apex was one of the first international fund administrators to open an
office in the United Arab Emirates and it is now recognised as one of
the leading fund service providers in the region.

“As global liquidity issues continue to ease, interest in onshore UAE
funds is building and the ESCA is to be commended for its rapid
introduction of strong governance which bring improved transparency and
protection to investors.

“The award of Apex’s licence is another example of the Company’s
commitment to the Middle East region and demonstrates the level of
investment Apex makes to provide its clients with the highest levels of
service and range of products.”